ForgeRock held a special meeting of investors on January 12, 2023, to vote on the purchase proposal that was initially disclosed on October 11, 2022. The meeting was held so that investors could cast their votes. Upon the completion of the transaction, shareholders of ForgeRock's class A and class B common shares will each receive a cash payment in the amount of $23.25.
As a direct consequence of this decision, the class A common stock of ForgeRock will be removed from trading on the New York Stock Exchange and will no longer be accessible to investors. ForgeRock's Identity Platform has got you covered, regardless of whether the identities in question belong to customers, employees, or connected devices. According to a press statement, this platform, which offers identity orchestration, dynamic access controls, governance, and APIs in cloud and hybrid settings, is currently being used by more than 1,300 enterprises.
Kirkland & Ellis LLP and Fried, Frank, Harris, Shriver & Jacobson LLP provided Thoma Bravo with legal assistance, while J.P. Morgan was responsible for providing the company with financial advisory services.
According to a press release, Thoma Bravo invests in growth-oriented, forward-thinking software and technology firms through the use of private equity, growth equity, and credit strategies.
Ping Identity, a portfolio company, has purchased ForgeRock in order to better service the growing Identity and Access Management industry. This move was made possible by the acquisition. Ping Identity provides businesses with the means to link solutions with established third-party services in a seamless manner.
This enables businesses to eliminate passwords, decrease fraud risks, support Zero Trust principles, and implement additional security measures. The mission of the new united company is to improve the identity security of global organizations and their stakeholders by making it possible to provide customers, workers, and partners with access that is both more rapid and safer.